What Happened to LARQ After the Shark Tank?
What is LARQ?
LARQ is a stainless steel water bottle that is self-cleaning. The gadget uses UV-C LED technology to disinfect the water and clean the bottle’s base, eradicating germs, viruses, and mold that cause odours.
His product, LARQ Bottle, guarantees clean water beyond filtration, owing to its award-winning design and powerful UV-C LED water purification technology for on-the-go use.
The bottle’s exclusive and patented PureVisTM UV-C LED technology eliminates germs by initiating a photochemical reaction that destroys their DNA.
Who founded LARQ?
LARQ’s CEO and co-founder is Justin Wang.
Justin is an entrepreneur and former venture investor with a passion for design. Prior to establishing LARQ, Justin worked at a variety of technology startup and non-profit organizations.
Justin Wang’s quest began in 2017 with a $1,374,021 Kickstarter campaign. LARQ was well-received by both consumers and critics immediately after its October 2018 market launch.
They gained rapid popularity, which boosted their sales. The Wall Street Journal and Goop have both written about the product.
LARQ was also awarded one of Time Magazine’s “Top 10 Smartest Sustainable Products of 2018.”
In 2020, the company returned to Kickstarter to raise funds for its next product, the “world’s first self-cleaning bottle.”
They also ran successful IndieGoGo campaigns for their products.
The next year, the company announced a $10 million Series A led by Seventure, with participation from DCM.
What Happened to LARQ at the Shark Tank?
Justin contacted the tank in 2021 seeking a $500,000 investment for a 1% stake in LARQ Company, which he valued at $50 million.
He added that he launched LARQ in 2018 and that sales have been gradually increasing since. In 2021, he anticipates that LARQ will produce more than $14 million in revenue.
The sharks were usually taken aback by the sales statistics and even more so by LARQ’s financial condition.
Daymond John was the first to announce his departure during the shark tank presentation.
Kevin O’Leary then made an offer of $500,000 for a 4% stake.
Lori Greiner demanded $500,000 in exchange for a 5% stake.
Robert Herjavec then complicated matters further by asking a 3% ownership stake and a 2% advising fee.
Mark Cuban withdrew! Wang asked the three whether they wanted to undertake it together after gathering all of the suggestions.
Investment of $1.5 million for a 4.5 percent stake. Mr Robert responded with $1.5 million at a 6% interest rate. “How do you feel?” Robert was inquiring.
When Wang requested that 1.5% of the shares be designated as advising shares, Robert rejected.
With just Kevin and Lori remained, and the latter unwilling to accept advisory shares, Wang eventually opted to finalize the sale for $1,000,000 million for a 4% ownership in each.
Justin accepted a $1 million offer from Kevin O’Leary and Lori Greiner for a 4% stake in the firm after many counteroffers from the Sharks.
What Happened to LARQ After the Shark Tank?
The startup allegedly raised an extra $10 million following the original airing of the Larq Shark Tank episode in spring 2021.
Larq teamed up with three-time NBA champion Daymond Green on 01/12/2020. Larq, the self-cleaning water bottle, is still in business, with a bigger product line. Customers may purchase things directly from the company’s website, as well as through a variety of e-commerce platforms and wholesalers worldwide. Justin Wang, the co-founder and CEO of the firm, remains on board.
Who are the Competitors of LARQ?
According to LARQ’s official website, the LARQ Bottle faces competition from a variety of sources, including:
Roxane: Roxane is a portable ultraviolet light that disinfects surfaces and kills all pathogens, including salmonella, E. coli, and listeria. It is capable of cleaning up to 90% of water.
It does not, however, function on foggy water.
The cost is around $159 for a tennis ball-sized gadget that can clean up to 1,000 gallons of water in less than 15 minutes.
Aquion: Aquion is a portable water disinfection system comprised of a high-density polyethylene bottle with embedded ceramic electrodes.
The gadget is environmentally friendly, safe, powerful, and reasonably priced. It does not, however, purify polluted water.
Each unit costs around $65.
Cheers Healthy Water: Cheers Healthy Water is an American-made carbon filter. Carbon filters may eliminate chlorine, odours, and taste.
Additionally, it eliminates lead, copper, mercury, and a variety of other contaminants. It cannot, however, convert non-potable water to potable water.
The product is priced at around $58 per unit.
L10: The L10 is a portable water purifier that can purify up to 1,000 gallons of water at a cost of between 40 and 80 cents per gallon.
The filtration system is capable of removing viruses, germs, and poisons. It is capable of treating a maximum of 10,000 gallons of water. It is ineffective against hazy or polluted water.
Each unit would cost around $65.
What is the Net worth of LARQ?
According to Justin, LARQ’s net worth is $50 million. Lori and Kevin offered $1 million for a 4% stake in LARQ on Shark Tank, valuing the company at $25 million.
LARQ’s Frequently Asked Questions
Did Larq Get a Deal on Shark Tank?
YES. LARQ reached an agreement with Kevin and Lori.
What are LARQ Bottle’s sales?
Over the previous two years, LARQ’s sales have been continuously increasing.
According to Justin Wang, the firm has sold about 35,000 bottles in less than a year. By 2022, LARQ is expected to sell 100,000 bottles.
Is LARQ still in Business?
Yes, LARQ continues to operate. Over the previous two years, the firm has grown steadily. By 2022, LARQ is expected to have sold 100,000 bottles.
Who is the LAQR Founder?
LARQ was created by Justin Wang. Justin is an entrepreneur and former venture investor with a passion for design. Prior to establishing LARQ, Justin worked at a variety of technology start-ups and non-profit organizations.
Why are Lard bottles expensive?
Due to the fact that LARQ bottles are built of a proprietary composite, they are rather pricey.
To create a Larq bottle, a particular composite material is required.
According to Justin Wang of Entrepreneur Magazine, LARQ is priced more because the firm intends to sell only the highest-quality water bottles on the market.
Who Invented LARQ?
Justin Wang invented LARQ.
What happened to LARQ after Shark Tank?
Since its appearance on Shark Tank, LARQ has seen a steady increase in sales over the previous two years. According to Justin Wang, the firm has sold about 35,000 bottles in less than a year.
By 2022, LARQ is expected to sell 100,000 bottles.
How much money did LARQ make on Shark Tank?
LARQ received $1 million in exchange for a 4% stake in the firm from Kevin and Lori.
Is LARQ water bottle legit?
YES. Their experts conducted considerable investigation and determined that LARQ is a legitimate product. Entrepreneur Magazine, Business Insider, ABC, ABC7News, FOX2Now, and CBS SF Bay Area have all profiled the firm.
Does LARQ bottle work?
In just 15 minutes, LARQ kills 99.9% of bacteria in water. Additionally, it is capable of removing chlorine from tap water. Along with being efficient against pathogenic bacteria and viruses such as E.
How many LARQ bottles have been sold?
LARQ had sold 35,000 bottles as of June 2019.
Is LARQ made of eco-friendly materials?
LARQ is a proprietary composite material. According to the business, the bottle is functional and suitable for human consumption. Additionally, it is free of BPA and lead.
Who is LARQ’s target market?
LARQ bottles are developed primarily for camping and travel. Additionally, they are quite popular at the beach.
What is LARQ made of?
LARQ’s exterior shell is composed of Borosilicate glass. They are a really high-quality water bottle that not only looks fantastic but also performs admirably.
What episode is LARQ Shark Tank?
LARQ Shark Tank is currently airing Season 12 Episode 21.
Can they put ice in a LARQ bottle?
YES. The LARQ bottle is meant to endure temperatures ranging from -40 to 140 degrees Fahrenheit. As a result, they may use it year-round without fear of breaking the bottle.
How is LARQ doing after shark tank?
The firm sold around 35,000 bottles to more than 70,000 people last year. LARQ is now hard at work creating new product lines.
Is it possible to purchase LARQ items in Canada?
Indeed, LARQ is available in Canada. Customers may purchase LARQ products online via Amazon or other e-commerce websites.
What is LARQ?
LARQ is a portable water purifier that utilizes cutting-edge UV LED technology to purify their water regardless of their location.
Where is LARQ made?
LARQ is a 100% American-made product.
Is LARQ FDA certified?
No. LARQ is not FDA-certified (FDA).
Is LARQ Made in China?
Yes, according to the company’s website, their items are manufactured in China.